5 April 2019 – Expansión
Banco Sabadell is on the home stretch for the sale of 100% of its property developer, Solvia Desarrollos Inmobiliarios (SDIn). The funds Cerberus, through its property developer Inmoglacier, and Oaktree have made it through to the final round of the operation, which could be closed within the next few days or weeks.
The consultancy firm Savills Aguirre Newman has estimated that SDIn’s assets are worth more than €1.3 billion and the entity chaired by Josep Oliu (pictured above) is hoping to record proceeds of around €1 billion from the sale.
The portfolio comprises 270 buildable plots for the construction of around 15,000 homes, half of which are in Cataluña, although it also contains plots in Madrid, Andalucía and Valencia.
It has been reported that two other investment funds may have also been selected for the final round (out of Apollo, Goldman Sachs and CPPIB) but Oaktree is understood to be the favourite. Rothschild is advising the divestment process.
Original story: Expansión (by R. Sampedro and S. Saborit)
Translation/Summary: Carmel Drake